Fortress Biotech (FBIO)
NASDAQ:FBIO
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Fortress Biotech
(NASDAQ:FBIO)
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Rating:44Neutral
Price Target:
$2.00
▼(-15.25% Downside)
Action:ReiteratedDate:05/01/26
The score is primarily held back by weak financial performance (recurring losses, volatile/declining revenue, and lack of sustained positive operating/free cash flow) and bearish technical momentum (price below key moving averages with negative MACD). Offsetting these is a meaningful positive corporate event—the $205M voucher monetization and related capital-structure simplification—which improves liquidity and balance-sheet flexibility, but does not fully overcome the current loss-making profile.
Positive Factors
Voucher monetization boosts liquidity
The $205M voucher sale creates a durable liquidity source: expected $100M+ inflows to Fortress over time provide capital to repay debt, fund subsidiaries, or support development programs. This materially expands near-term financial flexibility and reduces immediate refinancing pressure for months ahead.
Negative Factors
Historically weak cash generation
Persistent negative operating and free cash flow indicate the core operations do not self-fund growth. Reliance on asset monetizations or external financing is structural, increasing dilution or refinancing risk and constraining investments in R&D and commercialization over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Voucher monetization boosts liquidity
The $205M voucher sale creates a durable liquidity source: expected $100M+ inflows to Fortress over time provide capital to repay debt, fund subsidiaries, or support development programs. This materially expands near-term financial flexibility and reduces immediate refinancing pressure for months ahead.
Read all positive factors
Fortress Biotech (FBIO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$71.49M
Dividend YieldN/A
Average Volume (3M)463.78K
Price to Earnings (P/E)―
Beta (1Y)0.82
Revenue Growth9.69%
EPS Growth98.38%
CountryUS
Employees101
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.15
Shares Outstanding32,202,564
10 Day Avg. Volume507,969
30 Day Avg. Volume463,780
Financial Highlights & Ratios
PEG Ratio-0.15
Price to Book (P/B)2.05
Price to Sales (P/S)1.61
P/FCF Ratio-1.55
Enterprise Value/Market Cap0.93
Enterprise Value/Revenue1.05
Enterprise Value/Gross Profit1.57
Enterprise Value/Ebitda-3.29
Forecast
1Y Price Target
$10.75Price Target Upside355.51% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.04
Revenue Forecast (FY)$110.80M
Fortress Biotech Business Overview & Revenue Model
Company Description
Fortress Biotech, Inc., a biopharmaceutical company, develops and commercializes pharmaceutical and biotechnology products. The company markets dermatology products, such as Ximino capsules to treat only inflammatory lesions of non-nodular moderat...
How the Company Makes Money
Fortress Biotech generally generates revenue through a combination of (1) product and service revenue generated at the subsidiary level when portfolio companies commercialize approved products, (2) collaboration and licensing arrangements where su...
Fortress Biotech Earnings Call Summary
Earnings Call Date:Nov 14, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 18, 2026
Earnings Call Sentiment Positive
The earnings call highlighted strong revenue growth driven by the successful launch of EMROSI, improved EBITDA, and expanding prescriber base. However, challenges remain with the decline in legacy product revenues and delays in health plan formulary adoption for EMROSI. Despite these issues, the company is optimistic about EMROSI's potential and future revenue growth.Positive Updates
Significant Revenue Growth
Journey Medical reported a 21% year-over-year revenue growth for Q3 2025, reaching $17.6 million compared to $14.9 million in Q3 2024.
Negative Updates
Decline in Legacy Product Revenues
Revenue for legacy products like Qbrexza, Accutane, Amzeeq, and Zilxi declined by 16% year-over-year due to generic competition impacting Accutane.
Read all updates
Q3-2025 Updates
Positive
Negative
Significant Revenue Growth
Journey Medical reported a 21% year-over-year revenue growth for Q3 2025, reaching $17.6 million compared to $14.9 million in Q3 2024.
Read all positive updates
Company Guidance
During Journey Medical's third-quarter 2025 earnings call, the company provided guidance highlighting a strong performance and optimistic outlook, driven by the successful launch of EMROSI, their oral treatment for rosacea. The company reported a 21% year-over-year revenue growth, with EMROSI contributing $4.9 million in Q3, marking a 75% increase from Q2. Total revenues reached $17.6 million, supported by a gross margin improvement from 63.5% in Q1 to 67.4% in Q3. The company observed a 146% increase in EMROSI prescriptions, totaling 18,198 in Q3, compared to 7,394 in Q2. Operating expenses increased by 9%, while SG&A expenses rose by 6% year-over-year, reflecting activities tied to the EMROSI launch. Non-GAAP adjusted EBITDA improved to $1.7 million, with the expectation of becoming sustainably EBITDA positive in Q4. Journey Medical also mentioned their payer strategy progress, with over 100 million of the 187 million commercial lives having access to EMROSI. The company anticipates peak annual net sales of over $200 million in the U.S. and over $300 million globally for EMROSI.Fortress Biotech Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
44
Neutral
Cash Flow
18
Very Negative
| Breakdown | Mar 2026 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 63.26M | 57.67M | 84.51M | 75.74M | 68.79M |
| Gross Profit | 42.34M | 36.80M | 61.62M | 44.97M | 36.71M |
| EBITDA | -20.16M | -104.49M | -135.72M | -193.69M | -146.17M |
| Net Income | 6.82M | -46.00M | -60.64M | -86.58M | -64.70M |
Balance Sheet | |||||
| Total Assets | 185.55M | 144.22M | 167.53M | 294.30M | 396.50M |
| Cash, Cash Equivalents and Short-Term Investments | 79.38M | 57.26M | 80.93M | 178.27M | 305.74M |
| Total Debt | 74.30M | 75.96M | 88.59M | 127.34M | 74.98M |
| Total Liabilities | 123.36M | 145.87M | 165.94M | 244.28M | 170.63M |
| Stockholders Equity | 49.87M | 22.74M | 22.54M | 41.72M | 108.67M |
Cash Flow | |||||
| Free Cash Flow | -65.78M | -95.19M | -136.32M | -182.46M | -132.89M |
| Operating Cash Flow | -65.78M | -80.19M | -128.22M | -179.40M | -116.54M |
| Investing Cash Flow | 10.12M | -15.00M | -2.10M | -22.93M | 40.51M |
| Financing Cash Flow | 77.44M | 70.64M | 32.74M | 75.32M | 148.99M |
Fortress Biotech Technical Analysis
Negative
2.36
Price Trends
3.05
Negative
3.20
Negative
2.89
Negative
Market Momentum
-0.21
Negative
33.68
Neutral
49.44
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FBIO, the sentiment is Negative. The current price of 2.36 is below the 20-day moving average (MA) of 2.60, below the 50-day MA of 3.05, and below the 200-day MA of 2.89, indicating a bearish trend. The MACD of -0.21 indicates Negative momentum. The RSI at 33.68 is Neutral, neither overbought nor oversold. The STOCH value of 49.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FBIO.
Fortress Biotech Risk Analysis
Fortress Biotech disclosed 64 risk factors in its most recent earnings report. Fortress Biotech reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fortress Biotech Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
52 Neutral | $131.51M | -6.36 | -119.19% | ― | -100.00% | -123.65% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $180.70M | -15.62 | -111.37% | ― | ― | 80.61% | |
44 Neutral | $71.49M | -6.48 | 15.86% | ― | 9.69% | 98.38% | |
42 Neutral | $24.61M | -1.93 | -226.10% | ― | ― | 63.57% |
* Healthcare Sector Average
FBIO
Fortress Biotech
2.30
0.55
31.43%
CVM
Cel-Sci
3.07
-4.91
-61.53%
XBIT
XBiotech
2.57
-0.36
-12.29%
EQ
Equillium
2.04
1.63
397.56%
UNCY
Unicycive Therapeutics
7.66
1.16
17.85%
Fortress Biotech Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Fortress Biotech Gains Cash From Voucher Sale, Simplifies Capital
Positive
Mar 30, 2026
On March 30, 2026, Fortress Biotech announced that its majority-owned subsidiary Cyprium Therapeutics closed the sale of a Rare Pediatric Disease Priority Review Voucher for $205 million in gross proceeds under a previously agreed asset purchase a...
Business Operations and StrategyPrivate Placements and Financing
Cyprium Voucher Sale Bolsters Fortress Biotech Liquidity
Positive
Feb 23, 2026
On February 22, 2026, Cyprium Therapeutics, a majority-owned subsidiary of Fortress Biotech, agreed to sell a Rare Pediatric Disease Priority Review Voucher, originally granted alongside FDA approval of ZYCUBO for pediatric Menkes disease, for $20...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.